1999 IMRF Comprehensive Annual Financial Report

Actuarial SectionActuarial Balance SheetSources of FundsAmount at December 311999 1998Actuarial value of assets $13,520,192,111 $11,636,495,534Actuarial present value of future contributionsMember 1,737,628,035 1,637,048,238Employer normal costs 2,901,001,179 2,622,317,919Unfunded actuarial accrued liability (515,168,818) 224,383,664Total sources 17,643,652,507 16,120,245,355Uses of FundsRetired members and beneficiaries 4,915,459,683 4,485,651,306Inactive members 1,034,642,976 918,795,583Active members 11,671,575,636 10,692,245,571Death and disability benefits 21,974,212 23,552,895$17,643,652,507 $16,120,245,355Analysis of Unfunded LiabilityUnfunded liability beginning of year $224,383,664 $534,853,033Assumed payments during year (37,635,098) (30,821,514)Assumed interest (7.5 percent) 57,022,655 38,972,111Expected unfunded liability 243,771,221 543,003,630Change due to assumption changes 166,647,356 -Change due to investment performance (962,123,987) (515,700,260)Change due to other sources 36,536,592 197,080,294Unfunded liability end of year ($515,168,818) $224,383,66458 Illinois Municipal Retirement Fund